Hollywood Actor Zachary Horwitz Sentenced To 20 Years For Ponzi Scheme
Zachary Horwitz has confirmed operating a multi-million dollar ponzi scheme. The actor was given a jail term sentence of 240 months (20 years) in the federal prison.
Following the sentence, Horwitz is required to pay a compensation of more than $230 million.
The Department of Justice made this known in a news release stating that Horwitz ‘‘raised at least 650 million dollars with bogus claims that investor money would be used to acquire licensing rights to films that the HBO and Netflix purportedly had agreed to distribute abroad.’’
In October, the actor pleaded guilty to a federal securities fraud charge against him.
According to a filed report by the Securities and Exchange Commission, the 35-year-old was also accused of hiding money in his personal account which he splurged on chartered jet trips to Las Vegas and a private residence for roughly $5.7 million in cash.
The actor who is better known for his stage name ‘‘Zach Avery’’ featured in a minor role in ‘Fury’ starring Brad Pitt.